Mendon Capital Advisors Corp Grows Stake in Financial Institutions, Inc. $FISI

Key Points

• Mendon Capital Advisors Corp increased its position in Financial Institutions, Inc. by 11.7% in Q1, now holding 111,720 shares worth approximately $2.79 million.
• Financial Institutions reported a quarterly EPS of $0.85, exceeding estimates of $0.78, amidst a negative net margin of 4.96%.
• The company announced a quarterly dividend of $0.31 per share, with shareholders of record to be paid on October 2nd, representing a yield of 4.5%.

Mendon Capital Advisors Corp increased its stake in Financial Institutions, Inc. (NASDAQ:FISI - Free Report) by 11.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 111,720 shares of the bank's stock after acquiring an additional 11,720 shares during the period. Financial Institutions comprises about 1.4% of Mendon Capital Advisors Corp's holdings, making the stock its 23rd largest holding. Mendon Capital Advisors Corp owned approximately 0.56% of Financial Institutions worth $2,789,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Jane Street Group LLC purchased a new position in Financial Institutions in the 1st quarter worth approximately $375,000. Empowered Funds LLC increased its stake in shares of Financial Institutions by 7.1% in the first quarter. Empowered Funds LLC now owns 74,841 shares of the bank's stock worth $1,868,000 after buying an additional 4,979 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Financial Institutions during the 1st quarter valued at $400,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Financial Institutions by 30.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,333 shares of the bank's stock valued at $283,000 after buying an additional 2,617 shares during the period. Finally, Curi RMB Capital LLC boosted its position in Financial Institutions by 12.3% during the 1st quarter. Curi RMB Capital LLC now owns 100,000 shares of the bank's stock valued at $2,496,000 after buying an additional 10,979 shares during the period. 60.45% of the stock is currently owned by hedge funds and other institutional investors.

Financial Institutions Stock Down 0.6%

Financial Institutions stock traded down $0.15 during trading hours on Monday, hitting $26.59. 33,539 shares of the stock traded hands, compared to its average volume of 154,925. Financial Institutions, Inc. has a one year low of $20.97 and a one year high of $29.78. The firm's 50-day moving average price is $26.61 and its two-hundred day moving average price is $25.73. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.20. The company has a market cap of $535.26 million, a PE ratio of -17.49 and a beta of 0.74.

Financial Institutions (NASDAQ:FISI - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The bank reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.07. The company had revenue of $59.74 million for the quarter, compared to analyst estimates of $59.86 million. Financial Institutions had a positive return on equity of 10.44% and a negative net margin of 4.96%. On average, research analysts forecast that Financial Institutions, Inc. will post 3.3 EPS for the current year.

Financial Institutions Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 2nd. Stockholders of record on Monday, September 15th will be given a $0.31 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.7%. Financial Institutions's dividend payout ratio is currently -81.58%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered shares of Financial Institutions from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $33.00.

Financial Institutions Profile

Financial Institutions, Inc operates as a holding company for the Five Star Bank, a chartered bank that provides banking and financial services to individuals, municipalities, and businesses in New York. The company provides checking and savings account programs, including money market accounts, certificates of deposit, sweep investments, and individual retirement and other qualified plan accounts, as well as NOW accounts.